If you are not familiar with Sloppy Mechanics, I would recommend you read/watch as much as you can. Here are two great places to start if you are looking for the easiest way to make 500+ on an LS engine:
I would also agree with checking out the sloppy mechanics youtube page, the "dont BS me" build. He has proven what is needed and not needed for X amount of horsepower. Somethings are needed to upgrade for a turbo and some things are not. There are somethings i would recommend to be upgraded while your doing this or that, if your budget allows, but if on a super tight budget, follow his recipe and you wont be disappointed. you'll easily make 500 crank, let alone 500 tire with the 5.3 turbo. That VS racing 78/75 billet turbo is a great choice. It also allows for room to grow, if you want more HP down the road.